Annual Report 2016
The Assembly prepared and adopted a Corporate Plan 2015-2019, covering the five year term of the Assembly membership setting out how its statutory functions are to be discharged and implemented. The plan sets out the vision and strategic framework for the attainment of high-level goals for the organisation. The Corporate Plan identifies specific objectives within the context of the operating environment, including the resources likely to be available to the Assembly in the coming years.
A financial instrument (FI) is a fund which is set up using EU Structural Funds with the aim of investing in projects and leveraging other financing, including that from the EIB. Instead of using EU funds as a grant, a financial instrument invests in projects that generate a return. The current financial instrument is known as JESSICA i.e. Joint European Support for Sustainable Investment in City Areas. JESSICA responds to the requirement to support sustainable urban transformation by addressing a perceived shortage of investment dedicated to integrated urban renewal and regeneration projects in European cities. The main financial innovation is that instead of paying out capital as a grant, capital is revolving and can be reinvested in new projects (enabling the “recycling of funds”).